BIOCHEM PHARMA REPORTS 1995 SECOND QUARTER RESULTS.LAVAL Laval, city, Canada Laval, city (1991 pop. 314,398), coextensive with Île-Jésus (94 sq mi/243 sq km), S Que., Canada, between the Rivière des Mille Îles and the Rivière des Prairies, just NW of Montreal. , Quebec--(BUSINESS WIRE)--Aug. 17, 1995--BIOCHEM PHARMA INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: BCH BCH Beach BCH Banco Central de Honduras BCH Boot Console Handler BCH Boulder Community Hospital (Boulder, CO, USA) BCH Broadcast Channel BCH Belfast City Hospital BCH Banco Central-Hispano NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BCHXF ) BioChem Pharma Inc. today reported total revenue of $45.0 million for the three months ended June June: see month. 30, 1995 , compared with $29.4 million for the year-earlier period ended July July: see month. 31, 1994. This increase is principally due to an increase in sales of the Company's diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler products. This past year the Company changed its fiscal year end to December December: see month. 31 from January January: see month. 31. Before amortization, income taxes, non-controlling interest in the earnings of subsidiaries and the share of loss of the associated company associated company associate n → Partnerfirma f associated company n → società collegata , North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Vaccine vaccine Preparation containing either killed or weakened live microorganisms or their toxins, introduced by mouth, by injection, or by nasal spray to stimulate production of antibodies against an infectious agent. (NAVA NAVA National Association for the Visual Arts NAVA National Association for Variable Annuities NAVA Navajo National Monument (US National Park Service) NAVA North American Vexillological Association ), BioChem's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased from $3.3 million for the second quarter of 1994, to $4.9 million for the second quarter of 1995. After amortization, income taxes, non-controlling interest in the earnings of subsidiaries and the share of loss of NAVA, BioChem reported a net loss of $2.3 million, or $0.05 per share this second quarter of 1995, compared with a net loss of $922,000, or $0.02 per share, for the quarter ended July 31, 1994. These losses include respectively, $2.3 million and $2.0 million from the share of loss of NAVA, elements which do not involve outlays Outlays Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. of funds. Research and development costs, excluding amortization, amounted to $5.4 million for the three months ended June 30, 1995, compared with $4.3 million for the second quarter of the previous fiscal year. As of June 30, 1995, BioChem's assets amounted to $272.0 million, compared with $258.9 million a year earlier. Working capital increased to $94.5 million as at June 30, 1995, compared with $77.9 million as at July 31, 1994. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased from $102.4 million as at July 31, 1994 to $132.8 million as at June 30, 1995. BioChem Pharma is an international biopharmaceutical company dedicated to the research, development and commercialization of innovative products for the detection, prevention and treatment of human diseases. The Company's shares are traded on the Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. and Toronto Stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (BCH) and on NASDAQ (BCHXF). -0- BIOCHEM PHARMA INC. Consolidated Earnings Quarters and semesters ended June 30, 1995 and July 31, 1994 (Unaudited) In thousands of Canadian dollars except per share information -------------------------------------------------------------
Quarters ended Six months ended
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June 30 July 31 June 30 July 31
1995 1994 1995 1994
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Operating revenue
Sales 39 547 23 761 83 096 31 087
Royalties 1 510 3 501 4 443 4 059
Research and
development
contracts 2 260 1 261 3 185 2 523
Interest and other
revenue 1 668 834 3 081 1 846
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Total revenue 44 985 29 357 93 805 39 515
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Expenses
Cost of goods sold 17 794 11 599 37 788 15 027
Selling and
administrative 15 205 8 962 29 685 12 408
Research and
development - net of tax
credits of $508 in 1995
and $532 in 1994 5 425 4 346 10 290 8 102
Financial 1 709 1 118 4 266 1 341
------ ------ ------ ------
Total expenses 40 133 26 025 82 029 36 878
------ ------ ------ ------
Earnings before the
following items 4 852 3 332 11 776 2 637
Amortization (3 531) (1 523) (6 498) (2 394)
Income taxes (1 323) (590) (4 261) (1 028)
------ ------ ------ ------
Earnings (loss) before
non-controlling interest
and share of loss of the
associated company (2) 1 219 1 017 (785)
Non-controlling interest
in the earnings
of subsidiaries (62) (146) (150) (238)
Share of loss of the
associated company (2 284) (1 995) (4 211) (3 585)
------ ------ ------ -------
Net loss (2 348) (922) (3 344) (4 608)
------ ------ ------ ------
------ ------ ------ ------
Loss per common share (0.05) (0.02) (0.07) (0.10)
------ ------ ------ ------
------ ------ ------ ------
Weighted average
number of
common shares
outstanding 48 818 536 46 412 079 47 947 310 46 398 029
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BIOCHEM PHARMA INC. Consolidated Balance Sheets as at June 30, 1995 and July 31, 1994 (Unaudited) In thousands of Canadian dollars -------------------------------------------------------------
June 30 July 31
1995 1994
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ASSETS
Current assets
Cash and temporary investments 46 315 32 712
Accounts receivable 79 245 72 768
Inventories 27 853 36 669
Prepaid expenses and deposits 2 889 4 073
------- -------
156 302 146 222
Investment in an associated company 19 659 15 743 Other investments 5 013 1 182 Capital assets 63 648 65 110 Goodwill 23 801 25 630
Other assets 3 575 5 056
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271 998 258 943
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LIABILITIES
Current liabilities
Bank indebtedness 10 437 15 350
Accounts payable and
accrued liabilities 37 763 44 934
Unearned revenue 4 040 4 394
Income taxes payable 3 882 1 423
Current portion of long-term debt 5 723 2 211
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61 845 68 312
Long-term debt 71 021 79 237 Deferred income taxes 728 2 262 Other liabilities 3 470 3 503 Non-controlling interest 2 110 3 231
SHAREHOLDERS' EQUITY 132 824 102 398
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271 998 258 943
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CONTACT: Christine Lennon BioChem Pharma Inc. 514/978-7771 |
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